M. H. PARSONS RENOVATIONS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
30 JUNE 2023 | |||||||||||
Company Registration Number: 03576607 | |||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 9 | ||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
DIRECTORS | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
03576607 England and Wales | |||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 30 JUNE 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 8 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 30 JUNE 2023 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
M H Parsons | S J Roberts | ||||||||||
Director | Director | ||||||||||
Date approved by the board: |
|||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
M. H. Parsons Renovations Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
C9 Glyme Court | Unit C | ||||||||||
Oxford Office Village | Tower Road Industrial Estate | ||||||||||
Langford Lane | Berinsfield | ||||||||||
Kidlington | Oxfordshire | ||||||||||
Oxford | OX10 7LN | ||||||||||
OX5 1LQ | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Revenue recognition | |||||||||||
Turnover represents the value of general building services, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Plant and machinery | |||||||||||
Office equipment | |||||||||||
Motor vehicles | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
M. H. PARSONS RENOVATIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Work in progress | |||||||||||
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction. | |||||||||||
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
Leases | |||||||||||
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised. | |||||||||||
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease. | |||||||||||
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account. |
M. H. PARSONS RENOVATIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
Borrowing costs | |||||||||||
Pensions | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
5 | TANGIBLE ASSETS | ||||||||||
Plant and machinery | Office equipment | Motor vehicles | Total | ||||||||
£ | £ | £ | £ | ||||||||
Cost | |||||||||||
At 1 July 2022 | |||||||||||
Additions | - | ||||||||||
At 30 June 2023 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 July 2022 | |||||||||||
Charge for year | |||||||||||
At 30 June 2023 | |||||||||||
Net book value | |||||||||||
At 1 July 2022 | |||||||||||
At 30 June 2023 | |||||||||||
6 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | - | ||||||||||
77,666 | 145,037 | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Hire purchase contracts and finance leases | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
162,455 | 219,631 | ||||||||||
M. H. PARSONS RENOVATIONS LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 30 JUNE 2023 | |||||||||||
8 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Hire purchase contracts and finance leases | |||||||||||
9 | SECURED DEBTS | ||||||||||
The hire purchase contracts and finance leases are secured on the assets concerned. | |||||||||||
10 | CONTINGENCIES AND COMMITMENTS | ||||||||||
Other Commitments | |||||||||||
Amounts falling due under operating leases: | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
In less than one year | |||||||||||
In more than one but less than five years | |||||||||||
36,329 | 18,348 | ||||||||||
11 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director and shareholder | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Advances to company | |||||||||||
Director and shareholder | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
Advances to company | |||||||||||